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Can you summarize NVRS 104.9323?
Uniform Commercial CodeOriginal Articles > Future advances.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the priority of perfected security interests, advances made under certain conditions, and the rights of lien creditors. It specifies that the perfection of a security interest dates from the time an advance is made, provided that the security interest is perfected only under specific circumstances and not pursuant to a commitment entered into before or while the security interest is perfected. The document also establishes that a security interest is subordinate to the rights of a person who becomes a lien creditor, unless the advance is made without knowledge of the lien or pursuant to a commitment entered into without knowledge of the lien. However, these provisions do not apply to security interests held by buyers of certain types of assets or consignors. Additionally, the document outlines the circumstances under which a buyer of goods or a lessee of goods takes free of a security interest. No specific penalties are mentioned in this document.
Whom does it apply to?
Secured parties, lien creditors, buyers of goods, and lessees of goods
What does it govern?
Priority of perfected security interests, advances made under certain conditions, and rights of lien creditors
What are exemptions?
Security interests held by buyers of accounts, chattel paper, payment intangibles, or promissory notes, or consignors
What are the Penalties?
No penalties mentioned.
Jurisdiction
Nevada